FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

DF Tactical Dividend Fund

Class A (PWDAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about DF Tactical Dividend Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.donoghueforlinesfunds.com/forms/. You can also request this information by contacting us at 1-877-779-7462. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$201	1.80%

How did the Fund perform during the reporting period?

The Fund follows a rules-based quantitative index. The strategy seeks to provide capital appreciation by screening stocks for free cash flow and high dividend yield. The strategy does seek to mitigate downside risk in deep recessionary market drawdown periods by offering a tactical overlay. The strategy invests in 50 stocks and takes an equal weight position in each. In addition, the underlying index will rebalance and reconstitute its holdings on a quarterly basis.

The Fund began the fiscal year, beginning July 1, 2025, invested in high dividend paying large/mid cap stocks. The Fund was in line with both its primary and secondary benchmarks during the fiscal year ended June 30, 2026. The performance can largely be attributed to the security selection within the Fund’s tracking index. The Fund’s performance was largely driven by its holdings in the financial and energy sector. It should be noted that the strategy takes a sector neutral exposure to a large cap value benchmark. The Fund remained largely fully invested and did not receive a tactical overlay signal during the period.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

Table Summary
	DF Tactical Dividend Fund	DF Tactical Dividend Fund - with load	Syntax US LargeCap 500 Total Return Index (USD)	Syntax US Net Value Total Return Index
06/30/16	$10,000	$9,497	$10,000	$10,000
06/30/17	$10,994	$10,441	$11,828	$12,125
06/30/18	$11,176	$10,613	$13,576	$13,137
06/30/19	$10,525	$9,995	$15,016	$13,907
06/30/20	$8,896	$8,448	$16,341	$12,223
06/30/21	$12,129	$11,518	$23,202	$18,574
06/30/22	$11,544	$10,963	$20,279	$17,953
06/30/23	$11,220	$10,655	$24,235	$19,752
06/30/24	$12,167	$11,554	$30,365	$23,147
06/30/25	$13,905	$13,205	$35,263	$26,557
06/30/26	$17,075	$16,216	$43,309	$32,886

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
DF Tactical Dividend Fund
Without Load	22.80%	7.08%	5.50%
With Load	16.63%	5.99%	4.95%
Syntax US LargeCap 500 Total Return Index (USD)	22.82%	13.29%	15.79%
Syntax US Net Value Total Return Index	23.83%	12.10%	12.64%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-877-779-7462.

Fund Statistics

Net Assets$77,759,786
Number of Portfolio Holdings51
Advisory Fee $718,754
Portfolio Turnover76%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	11.9%
Common Stocks	86.1%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-13.4%
Materials	2.3%
Money Market Funds	2.3%
Real Estate	3.5%
Consumer Discretionary	4.0%
Communications	5.6%
Consumer Staples	5.9%
Utilities	6.7%
Technology	9.2%
Energy	11.4%
Health Care	12.2%
Collateral for Securities Loaned	13.5%
Financials	36.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NRG Energy, Inc.	2.4%
Vistra Corporation	2.3%
Amcor PLC	2.3%
AbbVie, Inc.	2.2%
Citizens Financial Group, Inc.	2.1%
Fifth Third Bancorp	2.1%
Progressive Corporation (The)	2.1%
T Rowe Price Group, Inc.	2.1%
US Bancorp	2.1%
M&T Bank Corporation	2.1%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Dividend Fund changed its name to the DF Tactical Dividend Fund.

DF Tactical Dividend Fund - Class A (PWDAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-PWDAX

DF Tactical Dividend Fund

Class C (PWDCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$283	2.55%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Dividend Fund	Syntax US LargeCap 500 Total Return Index (USD)	Syntax US Net Value Total Return Index
Jun-2016	$10,000	$10,000	$10,000
Jun-2017	$10,907	$11,828	$12,125
Jun-2018	$11,009	$13,576	$13,137
Jun-2019	$10,292	$15,016	$13,907
Jun-2020	$8,629	$16,341	$12,223
Jun-2021	$11,686	$23,202	$18,574
Jun-2022	$11,033	$20,279	$17,953
Jun-2023	$10,638	$24,235	$19,752
Jun-2024	$11,450	$30,365	$23,147
Jun-2025	$12,991	$35,263	$26,557
Jun-2026	$15,834	$43,309	$32,886

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
DF Tactical Dividend Fund	21.89%	6.26%	4.70%
Syntax US LargeCap 500 Total Return Index (USD)	22.82%	13.29%	15.79%
Syntax US Net Value Total Return Index	23.83%	12.10%	12.64%

Fund Statistics

Net Assets$77,759,786
Number of Portfolio Holdings51
Advisory Fee $718,754
Portfolio Turnover76%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	11.9%
Common Stocks	86.1%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-13.4%
Materials	2.3%
Money Market Funds	2.3%
Real Estate	3.5%
Consumer Discretionary	4.0%
Communications	5.6%
Consumer Staples	5.9%
Utilities	6.7%
Technology	9.2%
Energy	11.4%
Health Care	12.2%
Collateral for Securities Loaned	13.5%
Financials	36.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NRG Energy, Inc.	2.4%
Vistra Corporation	2.3%
Amcor PLC	2.3%
AbbVie, Inc.	2.2%
Citizens Financial Group, Inc.	2.1%
Fifth Third Bancorp	2.1%
Progressive Corporation (The)	2.1%
T Rowe Price Group, Inc.	2.1%
US Bancorp	2.1%
M&T Bank Corporation	2.1%

Material Fund Changes

DF Tactical Dividend Fund - Class C (PWDCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-PWDCX

DF Tactical Dividend Fund

Class I (PWDIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$173	1.55%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Dividend Fund	Syntax US LargeCap 500 Total Return Index (USD)	Syntax US Net Value Total Return Index
Jun-2016	$10,000	$10,000	$10,000
Jun-2017	$11,019	$11,828	$12,125
Jun-2018	$11,231	$13,576	$13,137
Jun-2019	$10,601	$15,016	$13,907
Jun-2020	$8,991	$16,341	$12,223
Jun-2021	$12,281	$23,202	$18,574
Jun-2022	$11,717	$20,279	$17,953
Jun-2023	$11,417	$24,235	$19,752
Jun-2024	$12,417	$30,365	$23,147
Jun-2025	$14,220	$35,263	$26,557
Jun-2026	$17,507	$43,309	$32,886

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
DF Tactical Dividend Fund	23.12%	7.35%	5.76%
Syntax US LargeCap 500 Total Return Index (USD)	22.82%	13.29%	15.79%
Syntax US Net Value Total Return Index	23.83%	12.10%	12.64%

Fund Statistics

Net Assets$77,759,786
Number of Portfolio Holdings51
Advisory Fee $718,754
Portfolio Turnover76%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	11.9%
Common Stocks	86.1%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-13.4%
Materials	2.3%
Money Market Funds	2.3%
Real Estate	3.5%
Consumer Discretionary	4.0%
Communications	5.6%
Consumer Staples	5.9%
Utilities	6.7%
Technology	9.2%
Energy	11.4%
Health Care	12.2%
Collateral for Securities Loaned	13.5%
Financials	36.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
NRG Energy, Inc.	2.4%
Vistra Corporation	2.3%
Amcor PLC	2.3%
AbbVie, Inc.	2.2%
Citizens Financial Group, Inc.	2.1%
Fifth Third Bancorp	2.1%
Progressive Corporation (The)	2.1%
T Rowe Price Group, Inc.	2.1%
US Bancorp	2.1%
M&T Bank Corporation	2.1%

Material Fund Changes

DF Tactical Dividend Fund - Class I (PWDIX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-PWDIX

DF Tactical Momentum Fund

Class A (MOJAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about DF Tactical Momentum Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.donoghueforlinesfunds.com/forms/. You can also request this information by contacting us at 1-877-779-7462. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$279	2.18%

How did the Fund perform during the reporting period?

The Fund follows a rules-based quantitative index. The strategy seeks to provide capital appreciation by screening stocks for free cash flow and intermediate term risk adjusted momentum. The strategy does seek to mitigate downside risk in deep recessionary market drawdown periods by offering a tactical overlay. The strategy invests in 50 stocks and takes an equal weight position in each. In addition, the underlying index will rebalance and reconstitute its holdings on a quarterly basis.

The Fund began the fiscal year, beginning July 1, 2025, invested in high Sharpe Ratio large/mid cap stocks. The Fund significantly outperformed its primary benchmark during the fiscal year ended June 30, 2026. The outperformance, which was more than double its benchmark, can largely be attributed to the security selection within the Fund’s tracking index. The Fund experienced particularly strong upside for stocks within the semiconductor industry. It should be noted that the strategy takes a sector neutral exposure to the benchmark. The Fund remained largely fully invested and did not receive a tactical overlay signal during the period.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Momentum Fund	DF Tactical Momentum Fund - with load	Syntax US LargeCap 500 Total Return Index (USD)
Dec-2016	$10,000	$9,497	$10,000
Jun-2017	$10,214	$9,700	$10,836
Jun-2018	$11,132	$10,571	$12,438
Jun-2019	$11,506	$10,927	$13,757
Jun-2020	$8,976	$8,524	$14,971
Jun-2021	$14,251	$13,534	$21,257
Jun-2022	$12,134	$11,523	$18,578
Jun-2023	$12,585	$11,952	$22,203
Jun-2024	$16,148	$15,335	$27,819
Jun-2025	$18,508	$17,576	$32,307
Jun-2026	$28,879	$27,426	$39,678

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 23, 2016)
DF Tactical Momentum Fund
Without Load	56.04%	15.17%	11.79%
With Load	48.28%	13.99%	11.18%
Syntax US LargeCap 500 Total Return Index (USD)	22.82%	13.29%	15.58%

Fund Statistics

Table Summary
Net Assets	$61,011,366
Number of Portfolio Holdings	52
Advisory Fee	$653,715
Portfolio Turnover	287%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	7.4%
Common Stocks	90.6%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.0%
Real Estate	1.5%
Materials	1.6%
Utilities	2.1%
Money Market Funds	2.2%
Energy	3.5%
Industrials	4.2%
Consumer Discretionary	5.4%
Consumer Staples	7.1%
Collateral for Securities Loaned	8.0%
Communications	9.0%
Financials	9.3%
Health Care	9.3%
Technology	44.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Astera Labs, Inc.	2.7%
Sandisk Corporation	2.5%
Intel Corporation	2.4%
Western Digital Corporation	2.4%
Affirm Holdings, Inc. - Class A	2.4%
Palo Alto Networks, Inc.	2.4%
Micron Technology, Inc.	2.4%
Advanced Micro Devices, Inc.	2.3%
MasTec, Inc.	2.3%
Take-Two Interactive Software, Inc.	2.2%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Momentum Fund changed its name to the DF Tactical Momentum Fund.

DF Tactical Momentum Fund - Class A (MOJAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-MOJAX

DF Tactical Momentum Fund

Class C (MOJCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$373	2.93%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Momentum Fund	Syntax US LargeCap 500 Total Return Index (USD)
Dec-2016	$10,000	$10,000
Jun-2017	$10,184	$10,836
Jun-2018	$11,021	$12,438
Jun-2019	$11,301	$13,757
Jun-2020	$8,747	$14,971
Jun-2021	$13,786	$21,257
Jun-2022	$11,654	$18,578
Jun-2023	$11,990	$22,203
Jun-2024	$15,280	$27,819
Jun-2025	$17,376	$32,307
Jun-2026	$26,909	$39,678

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 23, 2016)
DF Tactical Momentum Fund	54.86%	14.31%	10.96%
Syntax US LargeCap 500 Total Return Index (USD)	22.82%	13.29%	15.58%

Fund Statistics

Table Summary
Net Assets	$61,011,366
Number of Portfolio Holdings	52
Advisory Fee	$653,715
Portfolio Turnover	287%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	7.4%
Common Stocks	90.6%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.0%
Real Estate	1.5%
Materials	1.6%
Utilities	2.1%
Money Market Funds	2.2%
Energy	3.5%
Industrials	4.2%
Consumer Discretionary	5.4%
Consumer Staples	7.1%
Collateral for Securities Loaned	8.0%
Communications	9.0%
Financials	9.3%
Health Care	9.3%
Technology	44.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Astera Labs, Inc.	2.7%
Sandisk Corporation	2.5%
Intel Corporation	2.4%
Western Digital Corporation	2.4%
Affirm Holdings, Inc. - Class A	2.4%
Palo Alto Networks, Inc.	2.4%
Micron Technology, Inc.	2.4%
Advanced Micro Devices, Inc.	2.3%
MasTec, Inc.	2.3%
Take-Two Interactive Software, Inc.	2.2%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Momentum Fund changed its name to the DF Tactical Momentum Fund.

DF Tactical Momentum Fund - Class C (MOJCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-MOJCX

DF Tactical Momentum Fund

Class I (MOJOX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$247	1.93%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Momentum Fund	Syntax US LargeCap 500 Total Return Index (USD)
Dec-2016	$10,000	$10,000
Jun-2017	$10,228	$10,836
Jun-2018	$11,180	$12,438
Jun-2019	$11,575	$13,757
Jun-2020	$9,063	$14,971
Jun-2021	$14,417	$21,257
Jun-2022	$12,308	$18,578
Jun-2023	$12,795	$22,203
Jun-2024	$16,457	$27,819
Jun-2025	$18,927	$32,307
Jun-2026	$29,580	$39,678

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 23, 2016)
DF Tactical Momentum Fund	56.29%	15.46%	12.07%
Syntax US LargeCap 500 Total Return Index (USD)	22.82%	13.29%	15.58%

Fund Statistics

Table Summary
Net Assets	$61,011,366
Number of Portfolio Holdings	52
Advisory Fee	$653,715
Portfolio Turnover	287%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	7.4%
Common Stocks	90.6%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.0%
Real Estate	1.5%
Materials	1.6%
Utilities	2.1%
Money Market Funds	2.2%
Energy	3.5%
Industrials	4.2%
Consumer Discretionary	5.4%
Consumer Staples	7.1%
Collateral for Securities Loaned	8.0%
Communications	9.0%
Financials	9.3%
Health Care	9.3%
Technology	44.8%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Astera Labs, Inc.	2.7%
Sandisk Corporation	2.5%
Intel Corporation	2.4%
Western Digital Corporation	2.4%
Affirm Holdings, Inc. - Class A	2.4%
Palo Alto Networks, Inc.	2.4%
Micron Technology, Inc.	2.4%
Advanced Micro Devices, Inc.	2.3%
MasTec, Inc.	2.3%
Take-Two Interactive Software, Inc.	2.2%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Momentum Fund changed its name to the DF Tactical Momentum Fund.

DF Tactical Momentum Fund - Class I (MOJOX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-MOJOX

DF Tactical Yield Fund

Class A (FLOAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about DF Tactical Yield Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.donoghueforlinesfunds.com/forms/. You can also request this information by contacting us at 1-877-779-7462. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$155	1.54%

How did the Fund perform during the reporting period?

The Fund follows a rules-based quantitative model. The primary investment objective is total return from income and capital appreciation with capital preservation is a secondary objective. The Fund invests in a diversified mix of ETFs and mutual funds that invest primarily in bank loan funds & high yield funds. The strategy does seek to mitigate downside risk offering a tactical overlay where the strategy can shift to short term treasuries and/or cash.

The Fund began the fiscal year, beginning July 1, 2025, invested 80% in bank loan funds, 18% in high yield funds and 2% in cash. The Fund underperformed its benchmark during the fiscal year ended June 30, 2026. The performance can largely be attributed to the underlying asset class allocations. The Fund, similar to the prior year, did experience downside during the spring of this year. The downside volatility can be attributed to a combination of factors. There was a drawdown due to concerns over the private credit markets that spilled over into the public credit markets particularly in bank loan funds. In addition, the credit markets, similar to the equity markets, did experience volatility due to geopolitical tensions between the Trump administration and Iran. Hence, the Fund did have tactical triggers that shifted to short term treasuries in the early spring. The Fund is currently positioned opportunistically in a bullish stance and has recovered the majority of the drawdown experienced.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Yield Fund	DF Tactical Yield Fund - with load	Bloomberg U.S. Aggregate Bond Index
Dec-2017	$10,000	$9,497	$10,000
Jun-2018	$10,017	$9,513	$9,845
Jun-2019	$10,378	$9,856	$10,620
Jun-2020	$10,156	$9,645	$11,548
Jun-2021	$11,096	$10,537	$11,510
Jun-2022	$10,859	$10,312	$10,325
Jun-2023	$11,101	$10,542	$10,228
Jun-2024	$12,135	$11,524	$10,498
Jun-2025	$12,635	$11,999	$11,135
Jun-2026	$12,894	$12,245	$11,557

Fund Statistics

Table Summary
Net Assets	$44,715,087
Number of Portfolio Holdings	9
Advisory Fee	$358,025
Portfolio Turnover	164%

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 27, 2017)
DF Tactical Yield Fund
Without Load	2.05%	3.05%	3.03%
With Load	-3.09%	2.00%	2.41%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.72%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-19.4%
Money Market Funds	1.7%
Collateral for Securities Loaned	19.2%
Fixed Income	98.5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	16.1%
Exchange-Traded Funds	47.6%
Money Market Funds	1.4%
Open End Funds	34.9%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
SPDR Blackstone Senior Loan ETF	20.0%
Invesco Senior Loan ETF	18.7%
SPDR Portfolio High Yield Bond ETF	18.1%
Lord Abbett Floating Rate Fund - Class I	10.5%
Virtus Seix Floating Rate High Income Fund - Class I	10.4%
BlackRock Floating Rate Income Portfolio - Institutional Class	10.4%
Invesco Floating Rate ESG Fund - Class Y	10.4%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Risk Managed Income Fund changed its name to the DF Tactical Yield Fund.

DF Tactical Yield Fund - Class A (FLOAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-FLOAX

DF Tactical Yield Fund

Class C (FLOCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$230	2.29%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Yield Fund	Bloomberg U.S. Aggregate Bond Index
Dec-2017	$10,000	$10,000
Jun-2018	$9,989	$9,845
Jun-2019	$10,324	$10,620
Jun-2020	$10,020	$11,548
Jun-2021	$10,869	$11,510
Jun-2022	$10,561	$10,325
Jun-2023	$10,632	$10,228
Jun-2024	$11,381	$10,498
Jun-2025	$11,647	$11,135
Jun-2026	$11,798	$11,557

Fund Statistics

Table Summary
Net Assets	$44,715,087
Number of Portfolio Holdings	9
Advisory Fee	$358,025
Portfolio Turnover	164%

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 27, 2017)
DF Tactical Yield Fund	1.30%	1.65%	1.96%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.72%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-19.4%
Money Market Funds	1.7%
Collateral for Securities Loaned	19.2%
Fixed Income	98.5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	16.1%
Exchange-Traded Funds	47.6%
Money Market Funds	1.4%
Open End Funds	34.9%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
SPDR Blackstone Senior Loan ETF	20.0%
Invesco Senior Loan ETF	18.7%
SPDR Portfolio High Yield Bond ETF	18.1%
Lord Abbett Floating Rate Fund - Class I	10.5%
Virtus Seix Floating Rate High Income Fund - Class I	10.4%
BlackRock Floating Rate Income Portfolio - Institutional Class	10.4%
Invesco Floating Rate ESG Fund - Class Y	10.4%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Risk Managed Income Fund changed its name to the DF Tactical Yield Fund.

DF Tactical Yield Fund - Class C (FLOCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-FLOCX

DF Tactical Yield Fund

Class I (FLOTX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$130	1.29%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Yield Fund	Bloomberg U.S. Aggregate Bond Index
Dec-2017	$10,000	$10,000
Jun-2018	$10,066	$9,845
Jun-2019	$10,462	$10,620
Jun-2020	$10,260	$11,548
Jun-2021	$11,246	$11,510
Jun-2022	$11,026	$10,325
Jun-2023	$11,210	$10,228
Jun-2024	$12,134	$10,498
Jun-2025	$12,539	$11,135
Jun-2026	$12,826	$11,557

Fund Statistics

Table Summary
Net Assets	$44,715,087
Number of Portfolio Holdings	9
Advisory Fee	$358,025
Portfolio Turnover	164%

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (December 27, 2017)
DF Tactical Yield Fund	2.28%	2.66%	2.97%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.72%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-19.4%
Money Market Funds	1.7%
Collateral for Securities Loaned	19.2%
Fixed Income	98.5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	16.1%
Exchange-Traded Funds	47.6%
Money Market Funds	1.4%
Open End Funds	34.9%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
SPDR Blackstone Senior Loan ETF	20.0%
Invesco Senior Loan ETF	18.7%
SPDR Portfolio High Yield Bond ETF	18.1%
Lord Abbett Floating Rate Fund - Class I	10.5%
Virtus Seix Floating Rate High Income Fund - Class I	10.4%
BlackRock Floating Rate Income Portfolio - Institutional Class	10.4%
Invesco Floating Rate ESG Fund - Class Y	10.4%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Risk Managed Income Fund changed its name to the DF Tactical Yield Fund.

DF Tactical Yield Fund - Class I (FLOTX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-FLOTX

DF Tactical Allocation Fund

Class A (GTAAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about DF Tactical Allocation Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.donoghueforlinesfunds.com/forms/. You can also request this information by contacting us at 1-877-779-7462. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$100	0.91%

How did the Fund perform during the reporting period?

The Fund is a multi-asset allocation fund. The Fund’s investment objective is to provide long-term capital appreciation. The Fund invests in a diversified mix of fixed income asset classes seeking to reduce volatility. The strategy utilizes global macro analysis to allocate exposures. In addition, the Fund is a fund of fund strategy that invests in a number of underlying strategies managed by the Adviser. The strategy employs a combination of fundamental, technical, and quantitative analysis. The strategy does seek to mitigate downside risk offering tactical overlays where the strategy can shift to short term treasuries and/or cash.

The Fund began the fiscal year, beginning July 1, 2025, invested in about two thirds equity and one third fixed income funds. The Fund had a number of portfolio adjustments throughout the year as there was rate volatility stemming from concerns over the Trump administration policies particularly as they related to tariffs and geopolitical tensions with Iran. The Fund did cut its equity exposure in the first half of the fiscal year down to 50% and had some movement within the fixed income asset classes shifting from high yielding credit into investment grade and treasury exposures. The Fund did re-allocate additional exposure in January back into equities. The performance can largely be attributable to the underlying equity funds being managed by the Adviser. The momentum factor and the technology sector were the largest contributors to performance. The Fund underperformed its benchmark during the fiscal year ended June 30, 2026. It should be noted that the benchmark index has 100% in equities whereas The Fund will generally have about 60% equity exposure.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Allocation Fund	DF Tactical Allocation Fund - with load	Dow Jones Moderately Conservative Portfolio Index	MSCI ACWI Index
Apr-2018	$10,000	$9,497	$10,000	$10,000
Jun-2018	$9,915	$9,416	$10,018	$10,118
Jun-2019	$10,009	$9,505	$10,618	$10,700
Jun-2020	$9,336	$8,866	$10,937	$10,926
Jun-2021	$11,328	$10,758	$12,669	$15,215
Jun-2022	$9,642	$9,157	$10,983	$12,819
Jun-2023	$10,459	$9,932	$11,521	$14,938
Jun-2024	$11,685	$11,097	$12,282	$17,832
Jun-2025	$12,974	$12,321	$13,479	$20,715
Jun-2026	$15,777	$14,983	$14,967	$25,619

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (April 6, 2018)
DF Tactical Allocation Fund
Without Load	21.61%	6.85%	5.69%
With Load	15.51%	5.77%	5.03%
Dow Jones Moderately Conservative Portfolio Index	11.04%	3.39%	5.02%
MSCI ACWI Index	23.67%	10.98%	12.11%

Fund Statistics

Net Assets$27,922,167
Number of Portfolio Holdings9
Advisory Fee (net of waivers)$0
Portfolio Turnover134%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	7.5%
Exchange-Traded Funds	48.8%
Money Market Funds	2.3%
Open End Funds	41.4%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.3%
Money Market Funds	2.5%
Collateral for Securities Loaned	8.1%
Fixed Income	32.3%
Equity	65.4%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
DF Tactical Dividend Fund - Class I	26.9%
DF Tactical 30 ETF	20.5%
DF Tactical Momentum Fund - Class I	18.0%
SPDR Portfolio High Yield Bond ETF	9.8%
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF	8.3%
SPDR Blackstone Senior Loan ETF	7.1%
Invesco Senior Loan ETF	7.1%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Allocation Fund changed its name to the DF Tactical Allocation Fund.

DF Tactical Allocation Fund - Class A (GTAAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-GTAAX

DF Tactical Allocation Fund

Class C (GLACX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$183	1.66%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Allocation Fund	Dow Jones Moderately Conservative Portfolio Index	MSCI ACWI Index
Apr-2018	$10,000	$10,000	$10,000
Jun-2018	$9,896	$10,018	$10,118
Jun-2019	$9,912	$10,618	$10,700
Jun-2020	$9,173	$10,937	$10,926
Jun-2021	$11,056	$12,669	$15,215
Jun-2022	$9,342	$10,983	$12,819
Jun-2023	$10,052	$11,521	$14,938
Jun-2024	$11,149	$12,282	$17,832
Jun-2025	$12,283	$13,479	$20,715
Jun-2026	$14,830	$14,967	$25,619

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (April 6, 2018)
DF Tactical Allocation Fund	20.74%	6.05%	4.90%
Dow Jones Moderately Conservative Portfolio Index	11.04%	3.39%	5.02%
MSCI ACWI Index	23.67%	10.98%	12.11%

Fund Statistics

Net Assets$27,922,167
Number of Portfolio Holdings9
Advisory Fee (net of waivers)$0
Portfolio Turnover134%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	7.5%
Exchange-Traded Funds	48.8%
Money Market Funds	2.3%
Open End Funds	41.4%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.3%
Money Market Funds	2.5%
Collateral for Securities Loaned	8.1%
Fixed Income	32.3%
Equity	65.4%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
DF Tactical Dividend Fund - Class I	26.9%
DF Tactical 30 ETF	20.5%
DF Tactical Momentum Fund - Class I	18.0%
SPDR Portfolio High Yield Bond ETF	9.8%
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF	8.3%
SPDR Blackstone Senior Loan ETF	7.1%
Invesco Senior Loan ETF	7.1%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Allocation Fund changed its name to the DF Tactical Allocation Fund.

DF Tactical Allocation Fund - Class C (GLACX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-GLACX

DF Tactical Allocation Fund

Class I (GTAIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$73	0.66%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Allocation Fund	Dow Jones Moderately Conservative Portfolio Index	MSCI ACWI Index
Apr-2018	$10,000	$10,000	$10,000
Jun-2018	$9,917	$10,018	$10,118
Jun-2019	$10,043	$10,618	$10,700
Jun-2020	$9,388	$10,937	$10,926
Jun-2021	$11,419	$12,669	$15,215
Jun-2022	$9,746	$10,983	$12,819
Jun-2023	$10,601	$11,521	$14,938
Jun-2024	$11,870	$12,282	$17,832
Jun-2025	$13,206	$13,479	$20,715
Jun-2026	$16,102	$14,967	$25,619

Average Annual Total Returns

Table Summary
	1 Year	5 Years	Since Inception (April 6, 2018)
DF Tactical Allocation Fund	21.94%	7.12%	5.96%
Dow Jones Moderately Conservative Portfolio Index	11.04%	3.39%	5.02%
MSCI ACWI Index	23.67%	10.98%	12.11%

Fund Statistics

Net Assets$27,922,167
Number of Portfolio Holdings9
Advisory Fee (net of waivers)$0
Portfolio Turnover134%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	7.5%
Exchange-Traded Funds	48.8%
Money Market Funds	2.3%
Open End Funds	41.4%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-8.3%
Money Market Funds	2.5%
Collateral for Securities Loaned	8.1%
Fixed Income	32.3%
Equity	65.4%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
DF Tactical Dividend Fund - Class I	26.9%
DF Tactical 30 ETF	20.5%
DF Tactical Momentum Fund - Class I	18.0%
SPDR Portfolio High Yield Bond ETF	9.8%
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF	8.3%
SPDR Blackstone Senior Loan ETF	7.1%
Invesco Senior Loan ETF	7.1%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Allocation Fund changed its name to the DF Tactical Allocation Fund.

DF Tactical Allocation Fund - Class I (GTAIX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-GTAIX

DF Tactical Income Fund

Class A (PWRAX)

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about DF Tactical Income Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.donoghueforlinesfunds.com/forms/. You can also request this information by contacting us at 1-877-779-7462. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$171	1.70%

How did the Fund perform during the reporting period?

The Fund is a multi-asset allocation fund. The Fund’s primary investment objective is total return from income and capital appreciation. The Fund invests in a diversified mix of fixed income asset classes seeking to reduce volatility. The Fund invests in a diversified mix of ETFs and mutual funds that invest primarily in bank loan funds, high yield funds, investment grade bond funds, treasury funds and dividend paying stock funds. The strategy does seek to mitigate downside risk offering tactical overlays where the strategy can shift to short term treasuries and/or cash.

The Fund began the fiscal year, beginning July 1, 2025, invested in about one third in high yielding credit areas such as bank loan funds and high yield bond funds. In addition, the Fund started the fiscal year with about one third in each of the investment grade and short-term treasury asset classes. The Fund had a number of portfolio adjustments throughout the year as there was rate volatility stemming from concerns over the Trump administration policies particularly as they related to tariffs and geopolitical tensions with Iran. The performance can largely be attributable to the yield from each of the various fixed income asset classes. In addition, the Fund added dividend stock exposure in January of this year which helped the overall performance. The Fund outperformed its benchmark during the fiscal year ended June 30, 2026.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Income Fund	DF Tactical Income Fund - with load	Bloomberg Global Aggregate Index
06/30/16	$10,000	$9,499	$10,000
06/30/17	$10,478	$9,952	$9,782
06/30/18	$10,402	$9,881	$9,915
06/30/19	$10,947	$10,399	$10,495
06/30/20	$10,385	$9,864	$10,938
06/30/21	$11,150	$10,591	$11,226
06/30/22	$10,133	$9,625	$9,514
06/30/23	$10,339	$9,821	$9,389
06/30/24	$10,930	$10,382	$9,476
06/30/25	$11,435	$10,862	$10,320
06/30/26	$11,610	$11,028	$10,384

Fund Statistics

Table Summary
Net Assets	$73,241,560
Number of Portfolio Holdings	7
Advisory Fee (net of waivers)	$763,490
Portfolio Turnover	265%

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
DF Tactical Income Fund
Without Load	1.53%	0.81%	1.50%
With Load	-3.53%	-0.21%	0.98%
Bloomberg Global Aggregate Index	0.62%	-1.55%	0.38%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-17.5%
Money Market Funds	2.0%
Equity	10.5%
Collateral for Securities Loaned	17.4%
Fixed Income	87.6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	14.8%
Exchange-Traded Funds	74.5%
Money Market Funds	1.7%
Open End Funds	9.0%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
SPDR Portfolio High Yield Bond ETF	29.3%
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF	29.1%
SPDR Blackstone Senior Loan ETF	14.7%
Invesco Senior Loan ETF	14.5%
DF Tactical Dividend Fund - Class I	10.5%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Income Fund changed its name to the DF Tactical Income Fund.

DF Tactical Income Fund - Class A (PWRAX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-PWRAX

DF Tactical Income Fund

Class C (PWRCX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$246	2.45%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Income Fund	Bloomberg Global Aggregate Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,393	$9,782
Jun-2018	$10,246	$9,915
Jun-2019	$10,704	$10,495
Jun-2020	$10,008	$10,938
Jun-2021	$10,656	$11,226
Jun-2022	$9,619	$9,514
Jun-2023	$9,737	$9,389
Jun-2024	$10,219	$9,476
Jun-2025	$10,607	$10,320
Jun-2026	$10,703	$10,384

Fund Statistics

Table Summary
Net Assets	$73,241,560
Number of Portfolio Holdings	7
Advisory Fee (net of waivers)	$763,490
Portfolio Turnover	265%

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
DF Tactical Income Fund	0.90%	0.09%	0.68%
Bloomberg Global Aggregate Index	0.62%	-1.55%	0.38%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-17.5%
Money Market Funds	2.0%
Equity	10.5%
Collateral for Securities Loaned	17.4%
Fixed Income	87.6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	14.8%
Exchange-Traded Funds	74.5%
Money Market Funds	1.7%
Open End Funds	9.0%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
SPDR Portfolio High Yield Bond ETF	29.3%
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF	29.1%
SPDR Blackstone Senior Loan ETF	14.7%
Invesco Senior Loan ETF	14.5%
DF Tactical Dividend Fund - Class I	10.5%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Income Fund changed its name to the DF Tactical Income Fund.

DF Tactical Income Fund - Class C (PWRCX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-PWRCX

DF Tactical Income Fund

Class I (PWRIX)

Annual Shareholder Report - June 30, 2026

Fund Overview

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$146	1.45%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	DF Tactical Income Fund	Bloomberg Global Aggregate Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,507	$9,782
Jun-2018	$10,458	$9,915
Jun-2019	$11,039	$10,495
Jun-2020	$10,428	$10,938
Jun-2021	$11,210	$11,226
Jun-2022	$10,216	$9,514
Jun-2023	$10,456	$9,389
Jun-2024	$11,076	$9,476
Jun-2025	$11,620	$10,320
Jun-2026	$11,828	$10,384

Fund Statistics

Table Summary
Net Assets	$73,241,560
Number of Portfolio Holdings	7
Advisory Fee (net of waivers)	$763,490
Portfolio Turnover	265%

Average Annual Total Returns

Table Summary
	1 Year	5 Years	10 Years
DF Tactical Income Fund	1.79%	1.08%	1.69%
Bloomberg Global Aggregate Index	0.62%	-1.55%	0.38%

What did the Fund invest in?

Asset Weighting (% of Net Assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-17.5%
Money Market Funds	2.0%
Equity	10.5%
Collateral for Securities Loaned	17.4%
Fixed Income	87.6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	14.8%
Exchange-Traded Funds	74.5%
Money Market Funds	1.7%
Open End Funds	9.0%

Top Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
SPDR Portfolio High Yield Bond ETF	29.3%
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF	29.1%
SPDR Blackstone Senior Loan ETF	14.7%
Invesco Senior Loan ETF	14.5%
DF Tactical Dividend Fund - Class I	10.5%

Material Fund Changes

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund's prospectus dated October 28, 2025, which is available at https://www.donoghueforlinesfunds.com/forms/ or upon request at 1-877-779-7462. Effective October 28, 2025, the Donoghue Forlines Tactical Income Fund changed its name to the DF Tactical Income Fund.

DF Tactical Income Fund - Class I (PWRIX)

Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://www.donoghueforlinesfunds.com/forms/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-AR 063026-PWRIX

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The DF Tactical Allocation Fund, DF Tactical Dividend Fund, DF Tactical Yield Fund, DF Tactical Momentum Fund and DF Tactical Income Fund, formerly known as the Donoghue Forlines Tactical Allocation Fund, Donoghue Forlines Dividend Fund, Donoghue Forlines Risk Managed Income Fund, Donoghue Forlines Momentum Fund and Donoghue Forlines Tactical Income Fund, respectively, (each a “Fund” and collectively the “Funds”) each are a diversified series of shares of beneficial interest of Northern Lights Fund Trust (the “Trust”), a trust organized under the laws of the State of Delaware on January 19, 2005. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The DF Tactical Income Fund Class A and Class I shares commenced operations on September 14, 2010. The DF Tactical Dividend Fund Class A and Class I shares commenced operations on November 7, 2013. Class C shares of both the DF Tactical Income Fund DF and Tactical Dividend Fund commenced operations on November 25, 2014. Class A, Class C and Class I shares of the DF Tactical Yield Fund commenced operations on December 27, 2017. Class A, Class C and Class I shares of the DF Tactical Momentum Fund commenced operations on December 23, 2016. The DF Tactical Allocation Fund Class A, Class C and Class I shares commenced operations on April 6, 2018. The DF Tactical Allocation Fund, DF Tactical Income Fund, and DF Tactical Yield Fund are “fund of funds”, in that they will generally invest in other investment companies. Effective October 28, 2025, Donoghue Forlines Tactical Allocation Fund changed its name to the DF Tactical Allocation Fund, Donoghue Forlines Dividend Fund changed its name to the DF Tactical Dividend Fund, Donoghue Forlines Tactical Income Fund changed its name to the DF Tactical Income Fund, Donoghue Forlines Momentum Fund changed its name to the DF Tactical Momentum Fund, and Donoghue Forlines Risk Managed Income Fund changed its name to the DF Tactical Yield Fund.

DF Tactical Income Fund – total return from income and capital appreciation with capital preservation as a secondary objective.

DF Tactical Dividend Fund – total return from dividend income and capital appreciation. Capital preservation is a secondary objective of the Fund.

DF Tactical Yield Fund – total return from income and capital appreciation with capital preservation as a secondary objective.

Each Fund currently offers three classes of shares: Class A shares, Class C shares and Class I shares. Class A shares are offered at net asset value plus a maximum sales charge of 5.00%. Class C shares and Class I shares are offered at net asset value. Each class of shares of the Funds have identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Funds’ share classes differ in the fees and expenses charged to shareholders and minimum investment amounts. The Funds’ income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. Class specific expenses are allocated to that share class.

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”, including Accounting Standards Update 2013-08.

Segment Reporting – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Each Fund’s CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods which include consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. A Fund may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund’s holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

Valuation of Underlying Funds – The Funds may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

The Funds may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid investments, for which market quotations are not readily available or are determined to be unreliable. These investments will be valued using the “fair value” procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the “Valuation Designee”). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities

are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Each Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2026, for the Funds’ investments measured at fair value:

Security Transactions and Related Income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. The accounting records are maintained in U.S. dollars.

Exchange Traded Funds – The Funds may invest in exchange traded funds (“ETFs”). ETFs are a type of fund bought and sold on a securities exchange. ETFs trade like common stock and represent a fixed portfolio of securities. The Funds may purchase ETFs to gain exposure to a portion of the U.S. or a foreign market. The risks of owning ETFs generally reflect the risks of owning the underlying securities they are designed to track, although a potential lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Exchange Traded Notes – The Funds may invest in exchange traded notes (“ETNs”). ETNs are a type of debt security that is linked to the performance of underlying securities. The risks of owning an ETN generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETN could result in it being more volatile. Additionally, ETNs have fees and expenses that reduce their value.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment. Temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset value per share of the Funds.

Federal Income Tax – The Funds intend to comply with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their taxable income and net realized gains to shareholders. Therefore, no federal income tax provisions are required. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities.

Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended June 30, 2023 - 2025 or expected to be taken in the Funds’ June 30, 2026, tax returns. The Funds identify their major tax jurisdictions as U.S. federal and Ohio, and foreign jurisdictions where the Funds make significant investments. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Expenses – Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses which are not readily identifiable to a specific fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

For the year ended June 30, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments were as follows:

Donoghue Forlines LLC serves as the Funds’ investment adviser (the “Adviser”).

Pursuant to investment advisory agreements with the Trust, on behalf of the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the DF Tactical Income Fund, DF Tactical Dividend Fund and DF Tactical Momentum Fund pay the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the respective Fund’s average daily net assets. As compensation for its services and the related expenses borne by the Adviser, the DF Tactical Yield Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.65% of the Fund’s average daily net assets. As compensation for its services and the related expenses borne by the Adviser, DF Tactical Allocation Fund pays the Adviser an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Fund’s average daily net assets.

The Adviser has contractually agreed to reduce its fees and/or absorb expenses of each Fund, until at least October 31, 2026, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation expenses (which may include indemnification of Funds’ officers and Trustees and contractual indemnification of Funds’ service providers (other than the Adviser))) will not exceed 2.25%, 3.00% and 2.00% of all Funds except, DF Tactical Allocation Fund, will not exceed 1.45%, 2.20% and 1.20% of the average daily net assets for Class A, Class C, and Class I shares, respectively. Contractual waivers and expense payments may be recouped by the Adviser from the Funds, to the extent that overall expenses fall below the expense limitation, within three years of the reimbursement.

During the year ended June 30, 2026, the following Funds waived or recouped fees pursuant to the expense limitation agreement.

Fees waived or expenses reimbursed may be recouped by the Adviser from the Funds for a period up to three years from the date the fee or expense was waived or reimbursed. However, no recoupment payment will be made if it would result in the Funds exceeding the contractual expense limitation described above. The following table shows the remaining waived expenses subject to potential recovery which expire in:

Pursuant to an exemptive order, each Fund may invest a portion of its assets in other funds managed by the Adviser. During the year ended June 30, 2026, the DF Tactical Allocation Fund invested in the DF Tactical 30 ETF, DF Tactical Dividend Fund and the DF Tactical Momentum Fund, and the DF Tactical Income Fund invested in the DF Tactical Dividend Fund. The Adviser waived a portion of its advisory fee based on the Fund’s investment in the above-mentioned Funds as follows:

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the “Distributor”). The Board has adopted, on behalf of the Funds, the Trust’s Master Distribution and Shareholder Servicing Plan (the “Plan”), as amended, pursuant to Rule 12b-1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plan, each Fund may pay 0.25% per year of the average daily net assets of Class A shares and 1.00% per year of the average daily net assets of Class C shares for such distribution and shareholder service activities.

For the year ended June 30, 2026, the Funds incurred distribution fees as follows:

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ Class A, Class C and Class I shares. During the year ended June 30, 2026, the Distributor received underwriter commissions as follows:

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC (“UFS”), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

Blu Giant, LLC (“Blu Giant”), an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

The Trust engages an insurance broker affiliated with UFS for the purposes of assisting the Trust in obtaining its insurance policies

An affiliated company is a company in which a fund has ownership of at least 5% of the voting securities or funds that share the same investment adviser. Companies that are affiliates at June 30, 2026 are noted in the applicable Fund’s Schedule of Investments. Transactions during the year with the companies that are affiliated or were affiliates at the beginning of the year are as follows:

As of June 30, 2026, the DF Tactical Income Fund no longer holds more than 5% of the voting securities of the BondBloxx Bloomberg Five Year Target Duration US Treasury ETF and is no longer considered an affiliated investment.

Under the securities lending agreement with U.S Bank N.A., the Funds can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. For each securities loan, the borrower shall transfer collateral in an amount determined by applying the margin to the market value of the loaned available securities (102% for same currency and 105% for cross currency). Collateral is invested in highly liquid, short-term instruments such as money market funds in accordance with the Funds’ security lending procedures. The Funds continue to receive interest or dividends on the securities loaned. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower’s failure to pay or perform), the right to net a third-party borrower’s rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

The following table is a summary of the Funds’ securities loaned and related collateral which are subject to a netting agreement as of June 30, 2026:

The following table breaks out the holdings received as collateral as of June 30, 2026:

The fair value of the securities loaned for DF Tactical Allocation Fund, DF Tactical Income Fund, DF Tactical Dividend Fund, DF Tactical Momentum Fund, and DF Tactical Yield Fund totaled $2,222,597, $12,547,818, $10,120,660, $4,710,240 and $8,443,231 as of June 30, 2026, respectively. As of June 30, 2026, the fair value of the “Collateral for Securities Loaned” on the Schedule of Investments includes only cash collateral received and reinvested that totaled $2,271,747, $12,780,776, $10,491,353, $4,876,430 and $8,592,756 for the DF Tactical Allocation Fund, DF Tactical Income Fund, DF Tactical Dividend Fund, DF Tactical Momentum Fund, and DF Tactical Yield Fund as of June 30, 2026, respectively. This amount is offset by a liability recorded as “Securities Lending Collateral” on the Statements of Assets and Liabilities.

The tax character of distributions paid during the fiscal years ended June 30, 2026, and June 30, 2025 was as follows:

As of June 30, 2026, the components of accumulated earnings/(deficit) on a tax basis were as follows:

The difference between book basis and tax basis undistributed net investment income, accumulated net realized gain/(loss), and unrealized depreciation from investments is primarily attributable to the tax deferral of losses on wash sales and adjustments for partnerships.

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses of as follows:

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses of as follows:

At June 30, 2026, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital losses utilized as follows:

During the fiscal period ended June 30, 2026, certain of the Funds utilized tax equalization which is the use of earnings and profits distributions to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes. Permanent book and tax differences, primarily attributable to the tax treatment of net operating losses, distributions in excess and use of tax equalization credits resulted in reclassifications for the Funds for the fiscal year ended June 30, 2026, as follows:

The DF Tactical Allocation Fund and DF Tactical Income Fund currently invests a portion of their assets in the underlying investment companies mentioned in the table below. The DF Tactical Allocation Fund and DF Tactical Income Fund may redeem their investments in these underlying investment companies at any time if the Adviser determines that it is in the best interest of the DF Tactical Allocation Fund and DF Tactical Income Fund and their shareholders to do so. The performance of the DF Tactical Allocation Fund and DF Tactical Income Fund will be directly affected by the performance of the underlying investment companies. The financial statements of the below mentioned investment companies, including their portfolio of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the DF Tactical Allocation Fund’s and DF Tactical Income Fund’s financial statements. As of June 30, 2026, the percentage of the net assets invested in each underlying investment company were as follows.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2026, the shareholders listed below held, for the benefit of others, more than 25% of an individual Fund and may be deemed to control that Fund. The Funds have no knowledge as to whether all or any portion of the shares owned, by the parties noted below, are also owned beneficially by any party who would be presumed to control the respective Funds.

The Funds have adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. ASU 2023-09 is intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. Each Funds’ adoption of ASU 2023-09 did not have a material impact on the Fund’s financial statements.

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

To the Board of Trustees of Northern Lights Fund Trust and the Shareholders of DF Tactical Allocation Fund, DF Tactical Income Fund, DF Tactical Dividend Fund, DF Tactical Momentum Fund, and DF Tactical Yield Fund:

We have audited the accompanying statements of assets and liabilities of DF Tactical Allocation Fund, DF Tactical Income Fund, DF Tactical Dividend Fund, DF Tactical Momentum Fund, and DF Tactical Yield Fund, formerly known as Donoghue Forlines Tactical Allocation Fund, Donoghue Forlines Tactical Income Fund, Donoghue Forlines Dividend Fund, Donoghue Forlines Momentum Fund, and Donoghue Forlines Risk Managed Income Fund, respectively (the “Funds”), each a fund constituting the Northern Lights Fund Trust (the “Trust”), including the schedules of investments, as of June 30, 2026, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting the Trust as of June 30, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Donoghue Forlines Funds investment companies since 2018.

There were no changes in or disagreements with accountants during the period covered by this report.

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-877-779-7462, by visiting www.donoghueforlinesfunds.com or by referring to the SEC’s website at http://www.sec.gov.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

225 Pictoria Drive, Suite 450 Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)

(a)	The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)	N/A

(c)	During the period covered by this report, there were no amendments to any provision of the code of ethics.

(d)	During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e)	N/A

(f)	See Item 19(a)(1)

(b)	Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

(c)	Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:

(d)	All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended June 30, 2026 and 2025 respectively.

(e)(1)	The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(e)(2)	There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended June 30, 2026 and 2025 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser.

(h)	Not applicable.

(i)	Not applicable.

(j)	Not applicable.

DF Tactical Allocation Fund
(formerly, “Donoghue Forlines Tactical Allocation Fund”)
	Class	A:	GTAAX
	Class	C:	GLACX
	Class	I:	GTAIX

DF Tactical Income Fund
(formerly, “Donoghue Forlines Tactical Income Fund”)
	Class	A:	PWRAX
	Class	C:	PWRCX
	Class	I:	PWRIX

DF Tactical Dividend Fund
(formerly, “Donoghue Forlines Dividend Fund”)
	Class	A:	PWDAX
	Class	C:	PWDCX
	Class	I:	PWDIX

DF Tactical Momentum Fund
(formerly, “Donoghue Forlines Momentum Fund”)
	Class	A:	MOJAX
	Class	C:	MOJCX
	Class	I:	MOJOX

DF Tactical Yield Fund
(formerly, “Donoghue Forlines Risk Managed Income Fund”)
	Class	A:	FLOAX
	Class	C:	FLOCX
	Class	I:	FLOTX





Annual Financial Statements
and Additional Information
June 30, 2026

1-877-779-7462

www.donoghueforlinesfunds.com

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 52.8%
		EQUITY - 20.5%
	177,510	DF Tactical 30 ETF^(a)	$	5,722,621

		FIXED INCOME - 32.3%
	47,420	BondBloxx Bloomberg Five Year Target Duration US Treasury ETF^(b)		2,308,405
	97,019	Invesco Senior Loan ETF		1,976,277
	49,563	SPDR Blackstone Senior Loan ETF^(b)		1,996,893
	116,865	SPDR Portfolio High Yield Bond ETF		2,739,316
				9,020,891

		TOTAL EXCHANGE-TRADED FUNDS (Cost $13,578,180)		14,743,512

		OPEN END FUNDS — 44.9%
		EQUITY - 44.9%
	634,896	DF Tactical Dividend Fund, Class I^(a)		7,498,118
	253,798	DF Tactical Momentum Fund, Class I^(a)		5,025,196
		TOTAL OPEN END FUNDS (Cost $9,281,767)		12,523,314

		SHORT-TERM INVESTMENTS — 10.6%
		COLLATERAL FOR SECURITIES LOANED - 8.1%
	2,271,747	Mount Vernon Liquid Assets Portfolio, 3.71% (Cost $2,271,747)^(c),(d)		2,271,747

		MONEY MARKET FUNDS - 2.5%
	689,888	Fidelity Investments Money Market Government Portfolio, Class I, 3.53% (Cost $689,888)^(d)		689,888

		TOTAL SHORT-TERM INVESTMENTS (Cost $2,961,635)		2,961,635

		TOTAL INVESTMENTS - 108.3% (Cost $25,821,582)	$	30,228,461
		LIABILITIES IN EXCESS OF OTHER ASSETS - (8.3)%		(2,306,294	)
		NET ASSETS - 100.0%	$	27,922,167

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 87.6%
		FIXED INCOME - 87.6%
	437,253	BondBloxx Bloomberg Five Year Target Duration US Treasury ETF	$	21,285,476
	523,295	Invesco Senior Loan ETF		10,659,520
	267,241	SPDR Blackstone Senior Loan ETF^(b)		10,767,140
	914,934	SPDR Portfolio High Yield Bond ETF^(b)		21,446,053
		TOTAL EXCHANGE-TRADED FUNDS (Cost $64,661,807)		64,158,189

		OPEN END FUNDS — 10.5%
		EQUITY - 10.5%
	653,317	DF Tactical Dividend Fund, Class I^(a)		7,715,679

		TOTAL OPEN END FUNDS (Cost $7,184,417)

		SHORT-TERM INVESTMENTS — 19.4%
		COLLATERAL FOR SECURITIES LOANED - 17.4%
	12,780,776	Mount Vernon Liquid Assets Portfolio, 3.71% (Cost $12,780,776)^(c),(d)		12,780,776

		MONEY MARKET FUNDS - 2.0%
	1,436,061	Fidelity Investments Money Market Government Portfolio, Class I, 3.53% (Cost $1,436,061)^(d)		1,436,061

		TOTAL SHORT-TERM INVESTMENTS (Cost $14,216,837)		14,216,837

		TOTAL INVESTMENTS - 117.5% (Cost $86,063,061)	$	86,090,705
		LIABILITIES IN EXCESS OF OTHER ASSETS - (17.5)%		(12,849,145	)
		NET ASSETS - 100.0%	$	73,241,560

Shares			Fair Value
		COMMON STOCKS — 97.6%
		ASSET MANAGEMENT - 2.1%
	14,524	T Rowe Price Group, Inc.	$	1,651,233

		BANKING - 18.9%
	23,796	Citizens Financial Group, Inc.		1,667,386
	29,359	Fifth Third Bancorp		1,654,967
	91,791	Huntington Bancshares, Inc.		1,627,454
	70,326	KeyCorporation		1,621,014
	6,903	M&T Bank Corporation^(a)		1,642,983
	6,644	PNC Financial Services Group, Inc. (The)		1,635,886
	54,085	Regions Financial Corporation		1,633,367
	31,064	Truist Financial Corporation		1,547,608
	27,209	US Bancorp		1,643,424
				14,674,089
		BIOTECH & PHARMA - 6.2%
	6,872	AbbVie, Inc.		1,729,270
	27,801	Bristol-Myers Squibb Company		1,601,894
	60,381	Pfizer, Inc.		1,453,974
				4,785,138
		CABLE & SATELLITE - 2.0%
	64,487	Comcast Corporation, Class A		1,583,156

		CONTAINERS & PACKAGING - 2.3%
	40,497	Amcor PLC^(a)		1,755,545

		ELECTRIC UTILITIES - 6.7%
	6,380	Constellation Energy Corporation		1,584,601
	12,812	NRG Energy, Inc.		1,871,321
	11,158	Vistra Corporation		1,769,993
				5,225,915
		FOOD - 2.0%
	64,273	Kraft Heinz Company (The)^(a)		1,518,128

Shares			Fair Value
		COMMON STOCKS — 97.6% (Continued)
		GAMING REIT - 1.9%
	54,409	VICI Properties, Inc.^(a)	$	1,444,559

		HEALTH CARE FACILITIES & SERVICES - 4.1%
	15,770	CVS Health Corporation		1,631,407
	3,794	UnitedHealth Group, Inc.		1,576,900
				3,208,307
		INFRASTRUCTURE REIT - 1.6%
	16,553	Crown Castle, Inc.^(a)		1,253,559

		INSTITUTIONAL FINANCIAL SERVICES - 3.7%
	5,860	CME Group, Inc.		1,294,064
	9,554	State Street Corporation		1,620,358
				2,914,422
		INSURANCE - 10.1%
	17,947	MetLife, Inc.		1,518,496
	14,154	Principal Financial Group, Inc.		1,525,518
	7,570	Progressive Corporation (The)		1,653,667
	14,698	Prudential Financial, Inc.		1,586,355
	22,682	W R Berkley Corporation^(a)		1,599,761
				7,883,797
		LEISURE FACILITIES & SERVICES - 2.0%
	21,117	Restaurant Brands International, Inc.		1,531,194

		MEDICAL EQUIPMENT & DEVICES - 1.9%
	19,262	Medtronic PLC		1,506,866

		OIL & GAS PRODUCERS - 11.4%
	8,144	Chevron Corporation		1,349,949
	11,019	EOG Resources, Inc.		1,429,495
	17,454	Expand Energy Corporation		1,591,630
	48,548	Kinder Morgan, Inc.		1,552,080
	17,067	ONEOK, Inc.		1,483,805
	8,506	Phillips 66		1,437,939
				8,844,898

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 15.8%
		COLLATERAL FOR SECURITIES LOANED - 13.5%
	10,491,353	Mount Vernon Liquid Assets Portfolio, 3.71% (Cost $10,491,353)^(b),(c)	$	10,491,353

		MONEY MARKET FUNDS - 2.3%
	1,764,301	Fidelity Investments Money Market Government Portfolio, Class I, 3.53% (Cost $1,764,301)^(b)		1,764,301

		TOTAL SHORT-TERM INVESTMENTS (Cost $12,255,654)		12,255,654

		TOTAL INVESTMENTS - 113.4% (Cost $81,691,240)	$	88,169,990
		LIABILITIES IN EXCESS OF OTHER ASSETS - (13.4)%		(10,410,204	)
		NET ASSETS - 100.0%	$	77,759,786

Shares			Fair Value
		COMMON STOCKS — 97.8%
		BEVERAGES - 1.9%
	12,174	Monster Beverage Corporation^(a)	$	1,170,165

		E-COMMERCE DISCRETIONARY - 3.7%
	4,665	Amazon.com, Inc.^(a)		1,111,856
	10,435	eBay, Inc.		1,166,111
				2,277,967
		ELECTRIC UTILITIES - 2.1%
	3,299	Talen Energy Corporation^(a)		1,267,674

		ELECTRICAL EQUIPMENT - 2.0%
	7,082	nVent Electric PLC		1,201,178

		ENGINEERING & CONSTRUCTION - 2.2%
	3,309	MasTec, Inc.^(a)		1,376,743

		ENTERTAINMENT CONTENT - 5.4%
	5,464	Electronic Arts, Inc.		1,120,339
	16,329	Fox Corporation, Class A^(b)		851,721
	5,276	Take-Two Interactive Software, Inc.^(a)		1,318,893
				3,290,953
		HEALTH CARE FACILITIES & SERVICES - 7.3%
	16,994	Centene Corporation^(a)		1,090,845
	2,745	Elevance Health, Inc.		1,061,574
	3,047	Humana, Inc.		1,210,329
	2,725	UnitedHealth Group, Inc.		1,132,592
				4,495,340
		INFRASTRUCTURE REIT - 1.5%
	11,891	Crown Castle, Inc.^(b)		900,505

		INSTITUTIONAL FINANCIAL SERVICES - 7.5%
	7,945	Bank of New York Mellon Corporation (The)		1,148,926
	1,109	Goldman Sachs Group, Inc. (The)		1,121,609
	5,373	Morgan Stanley		1,123,172

Shares			Fair Value
		COMMON STOCKS — 97.8% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES - 7.5% (Continued)
	6,863	State Street Corporation	$	1,163,966
				4,557,673
		INSURANCE - 1.8%
	12,892	MetLife, Inc.^(b)		1,090,792

		INTERNET MEDIA & SERVICES - 3.7%
	3,116	Alphabet, Inc., Class A		1,113,565
	6,448	Reddit, Inc., Class A^(a)		1,119,244
				2,232,809
		MEDICAL EQUIPMENT & DEVICES - 2.0%
	3,355	West Pharmaceutical Services, Inc.		1,204,445

		OIL & GAS PRODUCERS - 1.8%
	4,217	Marathon Petroleum Corporation		1,078,160

		RENEWABLE ENERGY - 1.7%
	4,454	First Solar, Inc.^(a)(b)		1,050,966

		RETAIL - CONSUMER STAPLES - 3.5%
	1,213	Casey’s General Stores, Inc.		964,080
	8,676	Target Corporation		1,133,173
				2,097,253
		RETAIL - DISCRETIONARY - 1.7%
	4,788	Ross Stores, Inc.		1,019,126

		SEMICONDUCTORS - 15.9%
	2,454	Advanced Micro Devices, Inc.^(a)		1,425,553
	3,356	Astera Labs, Inc.^(a)		1,621,016
	10,373	Intel Corporation^(a)		1,448,382
	4,396	Marvell Technology, Inc.		1,309,524
	1,245	Micron Technology, Inc.		1,437,091
	10,079	ON Semiconductor Corporation^(a)		952,869
	676	Sandisk Corporation^(a)		1,537,041
				9,731,476

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 10.2%
		COLLATERAL FOR SECURITIES LOANED - 8.0%
	4,876,430	Mount Vernon Liquid Assets Portfolio, 3.71% (Cost $4,876,430)^(c),(d)	$	4,876,430

		MONEY MARKET FUNDS - 2.2%
	1,350,688	Fidelity Investments Money Market Government Portfolio, Class I, 3.53% (Cost $1,350,688)^(d)		1,350,688

		TOTAL SHORT-TERM INVESTMENTS (Cost $6,227,118)		6,227,118

		TOTAL INVESTMENTS - 108.0% (Cost $60,696,554)	$	65,892,382
		LIABILITIES IN EXCESS OF OTHER ASSETS - (8.0)%		(4,881,016	)
		NET ASSETS - 100.0%	$	61,011,366

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 56.8%
		FIXED INCOME - 56.8%
	410,020	Invesco Senior Loan ETF^(a)	$	8,352,107
	222,135	SPDR Blackstone Senior Loan ETF^(a)		8,949,819
	345,856	SPDR Portfolio High Yield Bond ETF		8,106,865
		TOTAL EXCHANGE-TRADED FUNDS (Cost $25,478,888)		25,408,791

		OPEN END FUNDS — 41.7%
		FIXED INCOME - 41.7%
	496,896	BlackRock Floating Rate Income Portfolio, Institutional Class		4,631,066
	739,236	Invesco Floating Rate ESG Fund, Class Y		4,635,012
	586,071	Lord Abbett Floating Rate Fund, Class I		4,694,432
	616,119	Virtus Seix Floating Rate High Income Fund, Class I		4,676,341
		TOTAL OPEN END FUNDS (Cost $18,651,519)		18,636,851

		SHORT-TERM INVESTMENTS — 20.9%
		COLLATERAL FOR SECURITIES LOANED - 19.2%
	8,592,756	Mount Vernon Liquid Assets Portfolio, 3.71% (Cost $8,592,756)^(b),(c)		8,592,756

		MONEY MARKET FUNDS - 1.7%
	759,929	Fidelity Investments Money Market Government Portfolio, Class I, 3.53% (Cost $759,929)^(c)		759,929

		TOTAL SHORT-TERM INVESTMENTS (Cost $9,352,685)		9,352,685

		TOTAL INVESTMENTS - 119.4% (Cost $53,483,092)	$	53,398,327
		LIABILITIES IN EXCESS OF OTHER ASSETS - (19.4)%		(8,683,240	)
		NET ASSETS - 100.0%	$	44,715,087

	DF		DF			DF			DF		DF
	Tactical Allocation		Tactical Income			Tactical Dividend			Tactical Momentum		Tactical Yield
	Fund		Fund			Fund			Fund		Fund
ASSETS
Investment securities:
Unaffiliated investments at cost	$	12,044,479	$	78,878,644		$	81,691,240		$	60,696,554	$	53,483,092
Affiliated investments at cost		13,777,103		7,184,417			—			—		—
Total investments at cost	$	25,821,582	$	86,063,061		$	81,691,240		$	60,696,554	$	53,483,092
Unaffiliated investments at value *	$	11,982,526	$	78,375,026		$	88,169,990		$	65,892,382	$	53,398,327
Affiliated investments at value		18,245,935		7,715,679			—			—		—
Total investments at value		30,228,461		86,090,705			88,169,990			65,892,382		53,398,327
Receivable for Fund shares sold		1,882		11,076			12,814			127,937		7,384
Dividends and interest receivable		1,239		3,506			168,093			32,390		2,389
Prepaid expenses and other assets		15,500		29,228			25,284			22,598		9,659
TOTAL ASSETS		30,247,082		86,134,515			88,376,181			66,075,307		53,417,759

LIABILITIES
Security lending collateral (Note 6)		2,271,747		12,780,776			10,491,353			4,876,430		8,592,756
Payable for Fund shares repurchased		13,149		14,913			15,293			103,901		26,199
Investment advisory fees payable		676		53,651			63,708			41,874		23,950
Payable to related parties		6,944		10,785			11,937			8,843		8,361
Distribution (12b-1) fees payable		1,113		858			4,218			1,217		—
Accrued expenses and other liabilities		31,286		31,972			29,886			31,676		51,406
TOTAL LIABILITIES		2,324,915		12,892,955			10,616,395			5,063,941		8,702,672
NET ASSETS	$	27,922,167	$	73,241,560		$	77,759,786		$	61,011,366	$	44,715,087

COMPOSITION OF NET ASSETS:
Paid in capital	$	25,429,836	$	95,901,376		$	179,145,412		$	41,556,173	$	55,092,191
Accumulated earnings (losses)		2,492,331		(22,659,816	)		(101,385,626	)		19,455,193		(10,377,104	)
NET ASSETS	$	27,922,167	$	73,241,560		$	77,759,786		$	61,011,366	$	44,715,087

NET ASSET VALUE PER SHARE:
Class A Shares:
Net Assets	$	2,891,245	$	1,935,724		$	6,191,741		$	1,460,460	$	8,744,319
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		220,318		220,349			521,580			75,884		946,648
Net asset value (Net Assets ÷ Shares Outstanding) and redemption price per share	$	13.12	$	8.78		$	11.87		$	19.25	$	9.24
Maximum offering price per share (net asset value plus maximum sales charge of 5.00%) (a)	$	13.81	$	9.24		$	12.49		$	20.26	$	9.73

Class C Shares:
Net Assets	$	638,863	$	550,465		$	3,529,899		$	1,201,994	$	496,438
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		49,601		63,673			300,205			68,542		56,368
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	12.88	$	8.65		$	11.76		$	17.54	$	8.81

Class I Shares:
Net Assets	$	24,392,059	$	70,755,371		$	68,038,146		$	58,348,912	$	35,474,330
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1,865,602		8,075,369			5,760,259			2,946,882		3,983,641
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	13.07	$	8.76		$	11.81		$	19.80	$	8.91

	For the			For the
	Year Ended			Year Ended
	June 30, 2026			June 30, 2025
FROM OPERATIONS
Net investment income	$	1,413,278		$	824,301
Net realized gain from investment transactions		986,229			1,993,700
Distributions of realized gains from underlying investment companies		72,827			81,387
Net change in unrealized appreciation (depreciation) on investments		2,693,403			(121,445	)
Net increase in net assets resulting from operations		5,165,737			2,777,943

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid:
Class A		(146,850	)		(86,659	)
Class C		(27,607	)		(12,354	)
Class I		(1,187,195	)		(670,601	)
Net decrease in net assets resulting from distributions to shareholders		(1,361,652	)		(769,614	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Class A		475			5,794
Class I		3,232,607			2,335,051
Net asset value of shares issued in reinvestment of distributions:
Class A		131,775			76,072
Class C		26,027			11,892
Class I		1,145,248			644,085
Payments for shares redeemed:
Class A		(686,742	)		(622,226	)
Class C		(55,937	)		(93,643	)
Class I		(5,940,344	)		(4,600,748	)
Net decrease in net assets resulting from shares of beneficial interest		(2,146,891	)		(2,243,723	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		1,657,194			(235,394	)

NET ASSETS
Beginning of Year		26,264,973			26,500,367
End of Year	$	27,922,167		$	26,264,973

SHARE ACTIVITY
Class A:
Shares Sold		39			537
Shares Reinvested		11,248			6,998
Shares Redeemed		(57,398	)		(57,445	)
Net decrease in shares of beneficial interest outstanding		(46,111	)		(49,910	)

Class C:
Shares Reinvested		2,266			1,113
Shares Redeemed		(4,749	)		(8,676	)
Net decrease in shares of beneficial interest outstanding		(2,483	)		(7,563	)

Class I:
Shares Sold		270,104			215,875
Shares Reinvested		97,978			59,459
Shares Redeemed		(503,896	)		(426,287	)
Net decrease in shares of beneficial interest outstanding		(135,814	)		(150,953	)

Net expenses to average net assets	1.45	%	1.45	%	1.45	%	1.45	%	1.45	%

Net investment income to average net assets	4.70	%	2.57	%	2.55	%	2.27	%	1.67	%

Net expenses to average net assets	2.20	%	2.20	%	2.20	%	2.20	%	2.20	%

Net investment income to average net assets	3.99	%	1.79	%	1.78	%	1.55	%	0.95	%

Net expenses to average net assets	1.20	%	1.20	%	1.20	%	1.20	%	1.20	%

Net investment income to average net assets	4.96	%	2.77	%	2.70	%	2.52	%	1.93	%

Expenses to average net assets	1.74	%	N/A	1.78	%	1.85	%	1.78	%

Net investment income to average net assets	3.43	%	N/A	3.88	%	2.66	%	1.30	%

Expenses to average net assets	2.49	%	N/A	2.53	%	2.60	%	2.53	%

Net investment income to average net assets	2.67	%	N/A	3.14	%	1.89	%	0.46	%

Expenses to average net assets	1.49	%	N/A	1.53	%	1.60	%	1.53	%

Net investment income to average net assets	3.66	%	N/A	3.95	%	2.92	%	1.52	%

DF Tactical Allocation Fund
							Investments Measured
Assets *	Level 1		Level 2		Level 3		at Net Assets Value**		Total
Exchange-Traded Funds	$	14,743,512	$	—	$	—	$	—	$	14,743,512
Open End Funds		12,523,314		—		—		—		12,523,314
Collateral For Securities Loaned		—		—		—		2,271,747		2,271,747
Money Market Fund		689,888		—		—		—		689,888
Total	$	27,956,714	$	—	$	—	$	2,271,747	$	30,228,461

DF Tactical Income Fund
							Investments Measured
Assets *	Level 1		Level 2		Level 3		at Net Asset Value**		Total
Exchange-Traded Funds	$	64,158,189	$	—	$	—	$	—	$	64,158,189
Open End Funds		7,715,679		—		—		—		7,715,679
Collateral For Securities Loaned		—		—		—		12,780,776		12,780,776
Money Market Fund		1,436,061		—		—		—		1,436,061
Total	$	73,309,929	$	—	$	—	$	12,780,776	$	86,090,705

	Purchases		Sales
DF Tactical Allocation Fund	$	34,466,207	$	36,711,853
DF Tactical Income Fund		206,665,017		208,140,665
DF Tactical Dividend Fund		53,659,897		57,551,903
DF Tactical Momentum Fund		151,984,707		187,872,091
DF Tactical Yield Fund		93,651,730		132,569,912

	Management Fee
DF Tactical Allocation Fund	$	194,522
DF Tactical Income Fund		799,915
DF Tactical Dividend Fund		718,754
DF Tactical Momentum Fund		515,926
DF Tactical Yield Fund		358,025

Fund	Fees Waived		Fees Recaptured
DF Tactical Allocation Fund	$	107,682	$	—
DF Tactical Momentum Fund		—		137,789

Fund		June 30, 2027				June 30, 2028				June 30, 2029				Total
DF Tactical Allocation Fund		$	98,406			$	101,509			$	107,682			$	307,597

			Amount
	Underwriter		Retained By
	Commissions		Principal Underwriter
DF Tactical Allocation Fund	$	25	$	4
DF Tactical Income Fund		—		—
DF Tactical Dividend Fund		2,129		377
DF Tactical Momentum Fund		20,874		3,577
DF Tactical Yield Fund		—		—

DF Tactical Allocation Fund

											Net Change in
											Unrealized				Dividend
	Fair Value							Realized Gain			Appreciation/		Fair Value End		Credited to		Shares End
	Beginning of Year		Purchases		Sales Proceeds			(Loss)			(Depreciation)		of Year		Income		of Year
DF Tactical 30 ETF	$	—	$	4,571,283	$	(75,047	)	$	(900	)	$	1,227,285	$	5,722,621	$	—		177,510
DF Tactical Dividend Fund Class I		6,583,951		836,632		(1,215,000	)		69,846			1,222,689	$	7,498,118		144,632		634,896
DF Tactical Momentum Fund Class I		8,508,380		1,089,566		(5,694,000	)		429,365			691,885	$	5,025,196		867,739		253,798
								$	498,311		$	3,141,859	$	18,245,935	$	1,012,371

Gross Amounts Not Offset in the Statement of Assets & Liabilities

			Gross Amounts		Net Amounts of
			Offset in the		Assets Presented
			Statements of		in the Statements		Financial
	Gross Amounts of		Assets &		of Assets &		Instruments		Pledged Collateral		Net Amount of
Assets:	Recognized Assets		Liabilities		Liabilities		Pledged		Received *		Assets

DF Tactical Allocation Fund
Description:
Securities Loaned	$	2,222,597	$	—	$	2,222,597	$	—	$	2,222,597	$	—
Total	$	2,222,597	$	—	$	2,222,597	$	—	$	2,222,597	$	—

DF Tactical Income Fund
Description:
Securities Loaned	$	12,547,818	$	—	$	12,547,818	$	—	$	12,547,818	$	—
Total	$	12,547,818	$	—	$	12,547,818	$	—	$	12,547,818	$	—

DF Tactical Dividend Fund
Description:
Securities Loaned	$	10,120,660	$	—	$	10,120,660	$	—	$	10,120,660	$	—
Total	$	10,120,660	$	—	$	10,120,660	$	—	$	10,120,660	$	—

DF Tactical Momentum Fund
Description:
Securities Loaned	$	4,710,240	$	—	$	4,710,240	$	—	$	4,710,240	$	—
Total	$	4,710,240	$	—	$	4,710,240	$	—	$	4,710,240	$	—

DF Tactical Yield Fund
Description:
Securities Loaned	$	8,443,231	$	—	$	8,443,231	$	—	$	8,443,231	$	—
Total	$	8,443,231	$	—	$	8,443,231	$	—	$	8,443,231	$	—

Securities Lending Transactions
Overnight and Continuous
DF Tactical Allocation Fund
Mount Vernon Liquid Assets Portfolio, LLC.	$	2,271,747

DF Tactical Income Fund
Mount Vernon Liquid Assets Portfolio, LLC.	$	12,780,776

DF Tactical Dividend Fund
Mount Vernon Liquid Assets Portfolio, LLC.	$	10,491,353

DF Tactical Momentum Fund
Mount Vernon Liquid Assets Portfolio, LLC.	$	4,876,430

DF Tactical Yield Fund
Mount Vernon Liquid Assets Portfolio, LLC.	$	8,592,756